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Oct 16, 2012
10/12
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i agree in part, but i think you're overstating the case, simon. it would be difficult across borders to work out a contractual arrangement. when aig is the parents, then how do you impose appropriate oversight on all of the little bits of aig all over the world? every country has contracts that involves foreign regulators and there's definitely a degree of difficulty. i still believe it can be worked out, but it's a challenge. >> there is a run by the regulators in every jurisdiction to grab assets. there is a final dispute on the collapse of lehman on the british side in the american side four years after. that remains unless he can get the british, the germans, the french -- >> come on. that's the difference between lehman brothers and aig. the government, for better or worse, put in the resources to stop it. we have the advantage of putting in the resources into aig, but then they impose their hair cut after the fact. >> i know you have to leave, simon. i was going to give everyone time to close. you have the option to use that now if you would
i agree in part, but i think you're overstating the case, simon. it would be difficult across borders to work out a contractual arrangement. when aig is the parents, then how do you impose appropriate oversight on all of the little bits of aig all over the world? every country has contracts that involves foreign regulators and there's definitely a degree of difficulty. i still believe it can be worked out, but it's a challenge. >> there is a run by the regulators in every jurisdiction to...
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Oct 27, 2012
10/12
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[applause] >> simon? welcome back, by the way. >> thank you. i'm simon johnson. thank you for inviting me and organizing another great conference. what can cause the next financial crisis? i have three things to say. first of all, i don't know. [laughter] and you don't know, and nobody knows. i worked on financial crisis for twenty five years, i was 2007 through over 2008 the chief economist of the international monetary fund, just down the street. i attended a lot of very interesting meetings during that time period with top officials and private sector people. poem who know as much as can be known about the world's economy and the world's financial system, they collectively and individually had no idea what was happening and what was going to happen in september 2008. the second thing i would say is look around the world. the european situation you heard of a nice summary just now, i'm much less saying about the political risk and the economic risk. i think ultimately italy will have to restructure the sovereign debt as 2 trillion euro in the outstanding debt.
[applause] >> simon? welcome back, by the way. >> thank you. i'm simon johnson. thank you for inviting me and organizing another great conference. what can cause the next financial crisis? i have three things to say. first of all, i don't know. [laughter] and you don't know, and nobody knows. i worked on financial crisis for twenty five years, i was 2007 through over 2008 the chief economist of the international monetary fund, just down the street. i attended a lot of very...
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Oct 26, 2012
10/12
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[applause] >> simon? >> welcome back. >> im simon johnson. thanks very much for allowing me and organizing another great conference. what could cause the next financial crisis? i have three things to say. first of all, i don't know. i don't know and nobody knows. i've worked on financial crises for 25 years and i was from 2007 to august of 2008 the chief economist of the international monetary fund which is just down the street. i attended a lot of interesting meetings with top officials and top sector people who know as much as can be known about the world's economy and financial system and they collectively and individually have no idea what was happening and what was going to happen in the timber of 2008. the second thing i would say is look around the world. the european situation gave a nice summary and much less sanguine about the political risks and the economic risks. i think ultimately italy will have to restructure its sovereign debt at 2 trillion euros outstanding debt and the consequence of that are effectively and noble -- unknow
[applause] >> simon? >> welcome back. >> im simon johnson. thanks very much for allowing me and organizing another great conference. what could cause the next financial crisis? i have three things to say. first of all, i don't know. i don't know and nobody knows. i've worked on financial crises for 25 years and i was from 2007 to august of 2008 the chief economist of the international monetary fund which is just down the street. i attended a lot of interesting meetings with...
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Oct 30, 2012
10/12
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[laughter] and i think he sides more with simon. [laughter] actually, i do too in a number of ways that probably will surprise him and dennis and others. and the first thing on which i agree with you, simon, is that i also do not know what the next systemic crisis will be, and i am as frightened as you of it. so when i think about what the next systemic crisis might be, i think the best place to start is to think about what's caused the last ones, and i'm not going to fight over whether we've had panics in 1907 or 1933. we heard that from the first panel. i'll just go back over the last 20 years for the systemic crises we've had most recently. the first one in 1994, scheherazade, you mentioned mexico. and that was a solvency crisis because we feared that a country would go bust, ie, its credit was no good, and that would ripple with dangerous effect through the banking system. that got handled, and we puttered on til 1998 when russia and indonesia posed financial risk in the solvency system, and we managed that and puttered along, t
[laughter] and i think he sides more with simon. [laughter] actually, i do too in a number of ways that probably will surprise him and dennis and others. and the first thing on which i agree with you, simon, is that i also do not know what the next systemic crisis will be, and i am as frightened as you of it. so when i think about what the next systemic crisis might be, i think the best place to start is to think about what's caused the last ones, and i'm not going to fight over whether we've...
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Oct 3, 2012
10/12
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CNBC
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joining us now is simon perry, senior partner at inston young. a 13-figure sum. this is really referred to as -- need to energize off the sidelines and put into some sort of a vehicle. why to you think this hasn't been put to work just yet? >> i think the trillion number that's mentioned in the article you're referring to is not a number i recognize. i think the number is probably more like half that. >> so not $200 billion, you think it's about $100 billion? >> you mentioned the trillion, 200 of which relates to the 2007 and 2008 funds. 2007 and 2008 were definitely peak years for dry powder. that's the committed funds that haven't yet been spent on new investments. but it's actually been falling since then. it's quite a complicated issue. there are a number of reasons why fans haven't been investing, but although investments were at a peak in 2007 and 2008, there have been substantial investments through the subsequent years. >> so if there is cash that some of these private equities firms are sitting on and it's not to the extent that you think it is, do you t
joining us now is simon perry, senior partner at inston young. a 13-figure sum. this is really referred to as -- need to energize off the sidelines and put into some sort of a vehicle. why to you think this hasn't been put to work just yet? >> i think the trillion number that's mentioned in the article you're referring to is not a number i recognize. i think the number is probably more like half that. >> so not $200 billion, you think it's about $100 billion? >> you mentioned...
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Oct 17, 2012
10/12
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we have brian bilbray for challenger simon scott peters. we'll be right back. >> moderator: welcome back to good uttv debate between brian bilbray and challenger. i want to give the floor to you talking about medicare and how to fix it. bilbray: first a rebuttal. "the wall street journal" said they supported the right thing but in medicare as we know it. it wasn't some left-winger that said that. the other thing is they've got me on tape twice saying i wanted to and medicare. he cut my answer off for once and does i'd wondered if he'd release the whole answer that i gave an order that the public might have proposal. peters: you've been quoted as saying that medicare needs to be cut to sustain it. and that you're suggesting, how exactly do you do that? bilbray: you have to get the benefits. you have to cut the cost. we don't negotiate the cost of prescription to do that. to use the leverage to negotiate a price. we also know there's a lot of overbilling we need to take care of. and that's it in a very clear throughout this campaign. >> moder
we have brian bilbray for challenger simon scott peters. we'll be right back. >> moderator: welcome back to good uttv debate between brian bilbray and challenger. i want to give the floor to you talking about medicare and how to fix it. bilbray: first a rebuttal. "the wall street journal" said they supported the right thing but in medicare as we know it. it wasn't some left-winger that said that. the other thing is they've got me on tape twice saying i wanted to and medicare. he...
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Oct 11, 2012
10/12
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you did know what the positions were. >> simon, we have so many readings going out the door. the fact that something might have slipped through in the e-mail, first of all, i don't even know that i've read the e-mail. it doesn't skew the ratings. >>> welcome to the third hour of "squawk on the street." let's get a check on the markets on this thursday. for the first time in about four sessions, the dow has a green arrow in front of it. up 81 points. s&p up 11. nasdaq up 23. good news on claims today. m and a rumors. foreclosures at a five-year low. then the ipos. all four of today's ipo opinion the nyse and nasdaq have started trading. all sharply higher in their debut. re japan's softbank considering buying a stake in sprint. our own david faber reports a price has not been fully nailed down and that part of the deal would involve the purchase of clearwire. >>> vice presidential nominee paul ryan facing off with vice president joe biden tonight in danville, kentucky. stakes are i as polls show a tightening race. congressman jeb hencerling joins us. >>> facebook's quest for r
you did know what the positions were. >> simon, we have so many readings going out the door. the fact that something might have slipped through in the e-mail, first of all, i don't even know that i've read the e-mail. it doesn't skew the ratings. >>> welcome to the third hour of "squawk on the street." let's get a check on the markets on this thursday. for the first time in about four sessions, the dow has a green arrow in front of it. up 81 points. s&p up 11....
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Oct 12, 2012
10/12
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simon joined us here at post nine. you can almost set your watch on how the dow begins to fade as europe closes, happening again today. >> actually trading into the close europe has also fallen, it's very interesting. we were doing much better than we are at the moment, a little bit earlier in the session. what's interesting is a lot of the news for europe is actually coming out of tokyo, out of the imf meeting, you have this, next week is the big summit of course and mass protests on the streets of greece on thursday, as that kicks off in brussels, and over in tokyo today, lagarde again for the imf indicating a change in position that greece and spain should be given more time and one point sitting next to the german finance minister on a panel and disagreeing really vehemently with each other about what should happen. he is saying to her look the troika is still in athens trying to work things out. please don't preempt their report but things are shifting there and in that meeting at that meeting for the first time a
simon joined us here at post nine. you can almost set your watch on how the dow begins to fade as europe closes, happening again today. >> actually trading into the close europe has also fallen, it's very interesting. we were doing much better than we are at the moment, a little bit earlier in the session. what's interesting is a lot of the news for europe is actually coming out of tokyo, out of the imf meeting, you have this, next week is the big summit of course and mass protests on the...